Panama City & Panama City Beach
Overview
Actually two distinct markets, and in an area that includes multiple other municipalities, Panama City and Panama City Beach anchor a metropolitan statistical area containing 175,000 in population and a diverse economic base. A strong military presence in Tyndall Air Force Base and Naval Support Activity (Naval Surface Warfare Center), and home to the first major new airport developed in the US in the past 20-years (Northwest Florida Beaches International Airport), the market is expanding its historic geographic boundaries and the economy is moving beyond its historic dependence on tourism, hospitality and related services.
Known for its “World’s Most Beautiful Beaches”, the market area is on a path of growth that JPB Commercial Real Estate Advisors expects will make it one of the leading economic activity centers in the region during the next two decades, with resulting opportunities for tremendous expansion in various real estate segments during this period.
Demographics (2010)
Population:
36,484 (Panama City), 12,018 (Panama City Beach)
Households:
15,419 (Panama City), 5,149 (Panama City Beach)
Housing Units:
17,438 (Panama City), 17,141 (Panama City Beach)
Implied Seasonal Population*:
NA (Panama City), 59,994 (Panama City Beach)
Median Household Income:
$39,916 (Panama City), $49,588 (Panama City Beach)
*Based on 3.5 person avg. size group in vacation/2nd home housing units.
Market Conditions (January 2013)*
Retail Market Inventory/Vacancy Rate/Rental Rate/Annual Net Absorption:
16.9 MSF / 5% vacant / $10.92 per SF / 81,411 SF
Office Market Inventory/Vacancy Rate/Rental Rate/Annual Net Absorption:
7.5 MSF / 11% vacant / $13.01 per SF / -58,472 SF
Industrial/Flex Market Inventory/Vacancy Rate/Rental Rate/Annual Net Absorption:
10.5 MSF / 7% vacant / $4.19 per SF / -114,686 SF
*Market conditions represent total for Metropolitan Statistical Area; includes owner-occupied.
Major Area Employers
| Tyndall Air Force Base | Naval Support Activity | Bay Medical Center |
| Gulf Coast Medical Center | Eastern Shipbuilding | BookIt.com |
| The Trane Company | Smurfit Stone Container Corp. | GAC Contractors |
| ITT Exelis |